What you can expect to pay in bank ATM fees

Personal Finance Insider writes about products, strategies, and tips to help you make smart decisions with your money. We may receive a small commission from our partners, like American Express, but our reporting and recommendations are always independent and objective.

  • Many banks have free ATM networks but charge you for using an out-of-network ATM.
  • The out-of-network ATM provider usually charges you an additional fee.
  • Some banks don’t charge ATM fees and even refund fees charged by ATM providers.
  • See Insider’s picks for the best no-fee checking accounts »

ATM fees at national banks

Most brick-and-mortar banks charge fees for using out-of-network ATMs. National banks tend to waive ATM fees on certain checking accounts, though. If you’re interested in an institution but turned off by the fee, check whether there’s a zero-ATM-fee account option.

Company Out-of-network ATM fee Next steps
Bank of America
$2.50 Learn more
BB&T Bank
$3 Learn more
$3 Learn more
Charles SchwabCharles Schwab
None, unlimited refunds Learn more
Chase Total Checking®
$2.50 Learn more
Citibank
$2.50 Learn more
Huntington Bank
$3 Learn more
M&T Bank
$3 Learn more
Pentagon Federal Credit Union
$1.50 Learn more
PNC
$0 – $3, $5/month – $20/month refunds Learn more
Regions Bank
$3 Learn more
Santander Bank
$3 Learn more
SunTrust Bank
$3 Learn more
TD Bank
$0 – $3 Learn more
US Bank
$.250 Learn more
Wells Fargo
$2.50 Learn more

ATM fees at regional banks

Regional banks tend to charge lower ATM fees than national banks. Not all regional institutions have accounts that refund fees charged by ATM providers, though.

Company Out-of-network ATM fee Next steps
Bank of Hope
None Learn more
Broadway Federal Bank
None Learn more
$2 Learn more
None for the first 2/month, then $1 Learn more
First Republic
None Learn more
OneUnited Bank
None Learn more
Third Federal
None for the first 4/month, then $1.50 Learn more

ATM fees at online banks

Online banks typically have the most lenient ATM fees. Many won’t charge you, and it’s common for them to refund some fees charged by out-of-network ATM providers.

Company Out-of-network ATM fee Next steps
Acorns
None, unlimited refunds Learn more
Alliant Credit Union
None, $20/month refunds Learn more
Ally
None, $10/month refunds Learn more
Deposits are FDIC Insured
None, 1 fee refund/month for Aspiration Plus Account Learn more
Axos Bank
None, $8/month to unlimited refunds Learn more
Betterment
None, unlimited refunds Learn more
Capital One 360
None Learn more
Chime
$2.50 Learn more
CIT Bank
None, $30/month refunds Learn more
Discover Online Savings Account
None Learn more
$3 Learn more
HMBradley
None Learn more
lili
$2.50 Learn more
None, unlimited refunds Learn more
NBKC Bank
None, $12/month refunds Learn more
None Learn more
Porte
$2.50 Learn more
Radius Bank
None, $0 to unlimited refunds Learn more
Robinhood
None Learn more
SoFi
None Learn more
Synchrony High-Yield Savings
None, $5/month refunds Learn more
TAB Bank
$1 – $2 Learn more
None, up to $15/month refunds Learn more
Varo
$2.50 Learn more
Wealthfront
$2.50 Learn more

What are bank ATM fees?

Most banking institutions have free ATM networks. For example, as a Bank of America customer, you can use any Bank of America ATM for free. Online banks don’t have their own ATM networks, but they often partner with a large network like Allpoint or MoneyPass so you have free access to thousands of ATMs around the US.

But you may incur ATM fees if you use a machine outside of the network. Here are some typical fees:

  • Fees from the bank: The bank itself may charge you up to a few dollars for using an out-of-network ATM.
  • Fees from the ATM provider: If you use an out-of-network ATM, the company servicing that machine will probably charge you an additional fee. Let’s say you are a Bank of America customer who uses a non-Bank of America ATM. Bank of America would charge you $2.50, and the provider charges you $3. You’d pay $5.50 total for withdrawing money.
  • International ATM fees: If you use an out-of-network ATM in a foreign country, you’ll probably pay an additional fee on top of your bank ATM fee and provider ATM fee. Some banks charge their usual out-of-network ATM fee, and some charge a higher fee. For example, you’d pay $5 to withdraw money from a foreign ATM with Bank of America instead of the usual $2.50. You’d also pay a 3% foreign transaction fee, plus any fee the ATM provider may charge.

Some ATM providers may charge you for either withdrawing funds or checking your balance, while others will let you check your balance for free.

How to avoid bank ATM fees

Bank ATM fees can add up quickly. Here are some tips for paying less (or none at all):

  • Choose a bank with no ATM fees. Not all banks charge out-of-network ATM fees. Consider one that either doesn’t charge fees at all or has a checking account option with no fees.
  • Choose a bank that refunds ATM fees. Even if an institution doesn’t charge you for using an out-of-network ATM, the machine provider may. Some banks reimburse up to a certain amount every month in fees charged by an out-of-network provider. If you suspect you’ll use non-network ATMs frequently, look for a bank that will refund you.
  • Choose a bank with easily accessible ATMs. Maybe some of your top bank picks all charge ATM fees. You’ll probably prefer the one with free machines near your home or office.
  • Withdraw more money at once. Another solution is just to use ATMs less often. You can withdraw more money at one time rather than visiting ATMs frequently and paying multiple fees. The downside is that you may feel uncomfortable keeping a bunch of cash on hand.

Bank ATM fees can get expensive. But there are plenty of ways to avoid these charges, or at least pay less.

Laura Grace Tarpley is the associate editor of banking and mortgages at Personal Finance Insider, covering mortgages, refinancing, bank accounts, and bank reviews. She is also a Certified Educator in Personal Finance (CEPF). Over her four years of covering personal finance, she has written extensively about ways to save, invest, and navigate loans.

Popular Articles

Average 401(k) balance

Get the latest Bank of America stock price here.

Disclosure: This post is brought to you by the Personal Finance Insider team. We occasionally highlight financial products and services that can help you make smarter decisions with your money. We do not give investment advice or encourage you to adopt a certain investment strategy. What you decide to do with your money is up to you. If you take action based on one of our recommendations, we get a small share of the revenue from our commerce partners. This does not influence whether we feature a financial product or service. We operate independently from our advertising sales team.

Source: Read Full Article